Bloomberg Surveillance Single Best Idea with Tom Keene: Alicia Levine & John Mowrey
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Oct 29, 2025 Alicia Levine, an equity markets strategist at BNY Wealth, shares insights on using forward earnings to guide investment decisions over the next 12-24 months. She highlights the importance of CapEx monetization in market valuation. Meanwhile, John Mowrey, a portfolio manager at NFJ, presents a bullish outlook on Alibaba's significant cloud and AI investments, likening it to a fusion of Amazon and NVIDIA. He discusses Alibaba’s transition from growth to value, emphasizing its attractive dividends and solid cash position.
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Invest With A 12–24 Month Horizon
- Use a 12–24 month horizon when positioning portfolios around market moves.
- Alicia Levine says forward-looking 12–18 month earnings drive investment decisions, not trailing results.
Forward Earnings Trump Trailing Metrics
- Forward earnings matter more than trailing earnings for market valuation.
- Alicia Levine argues markets price expected future monetization and CapEx realization within the forward horizon.
Alibaba: From Growth To Value
- John Mowry highlights Alibaba's pivot from growth to value with dividend initiation and large AI cloud spending.
- He compares Alibaba's combined cloud, chips and models to a mix of Amazon and NVIDIA within China.